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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge -- Ignore unavailable to you. Want to Upgrade?

To: Al Collard who wrote (6721)	2/18/2002 11:12:44 AM
From: brian krause	Respond to of 11802

Thanks Al, reading the following December article you can see this is no small mine. I wonder how many people it will employ after expansion. The news to proceed is a company maker. Good drilling results to be announced soon? Wednesday December 5 11:00 AM EST Yahoo! News TVX Gold stops Greek operations, affects 500 jobs TORONTO (CP) - TVX Gold Inc. said it is suspending its Greek base metal operations unless it gets new mining permits and other approvals allowing it to expand its silver-lead-zinc Stratoni mine in the south European country. The Toronto-based miner said Wednesday it will stop mining and milling at its Stratoni base metal operations next week, affecting 500 employees of its wholly owned Greek subsidiary TVX Hellas S.A. TVX said the planned Dec. 11 shutdown comes after a Greek mining inspector ordered Hellas to stop mining even though the company said it has valid permits. TVX's $250-million US gold and base metals mining projects in Greece have been controversial because of concerns the developments will pollute the environment. TVX, which is already develolping two gold projects, wants to expand its mining operations in the area and to build a processing metal plant near the village of Olympiada in Kassandra, Chalkidiki. But the Council of State - Greece's highest administrative court - has revoked the permit for the plant issued by Greece's Socialist government. Opponents of the mine had appealed to the Council of State saying cyanide used in gold processing and the arsenic created as a byproduct would pollute the environment. But TVX, which bought the mining operation in December 1995 for $47 million US, has promised to clean up pollution left behind by other mines and says that its gold-extracting process in environmentally safe. "Since it acquired the Kassandra mines in 1995, TVX has fully performed all of its obligations and expended over $250 million US, making it one of the largest private foreign investment projects in Greece," chief executive Sean Harvey said in a release Wednesday. "In spite of all these efforts, the company remains frustrated by bureaucratic hurdles, arbitrary acts of officials and the lack of progress due to the non-adherence to timetables and procedures specified under Greek law," he said. Harvey said the Greek government has still not given Hellas the permits it needs to expand the mine, permits the miner says are crucial to the future viability of the Stratoni project. "If the mining restrictions placed upon Stratoni are lifted, the required permits for extension are granted, and certain obligations by the Greek State pursuant to the acquisition agreement are fulfilled, then TVX Hellas will resume mining operations," said Harvey. In trading on the Toronto stock market Wednesday, TVX shares fell two cents to 63 cents. ADVERTISEMENT